RELEASED: 14:09 December 8th, 2020 | UPDATED: 14:11 December 08, 2020
Lauren Knight
With permanent real estate and finance power of attorney, your attorney can manage your income, pay your bills, and buy or sell real estate. Image: Getty Images
Jaruwan Jaiyangyuen (Jaruwan Jaiyangyuen (Photographer) – [None]
You may have made a will, but have you thought about who will look after your affairs while you are alive and make sure your wishes are granted if you lose mental capacity due to illness or an accident?
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Helen Cladingbowl, Attorney at Ellis-Fermor and Negus. Image: Ellis-Fermor and Negus
Helen Cladingbowl, an attorney at Ellis-Fermor and Negus, talks to us about permanent powers and why it is important not to leave them too late.
With offices in Derbyshire and Nottingham, the company prides itself on providing expert advice and clear information through personalized service.
Here Helen outlines the benefits of Lasting Powers of Attorney:
Q: What is a permanent power of attorney?
A Health and Welfare LPA enables your attorneys to make decisions about where you live and your daily care. Image: Getty Images
A Lasting Power of Attorney (LPA) is a legal document that allows you to appoint someone you trust, a so-called attorney, to make decisions on your behalf in the event that you lose mental capacity. You can empower someone to make decisions about your property and finances, and your health and well-being. You can only set up an LPA if you have intellectual skills.
Q: What can someone with an LPA do on your behalf?
A real estate and finance LPA gives your attorneys the authority to run your banking and savings accounts, manage your earnings, share portfolios and investments, manage tax matters, buy or sell real estate, pay your bills, and so on. One less known benefit is this can also be used with your permission if you have the capacity, i.e. during an extended hospital stay, vacation abroad or in this current climate those isolated due to Covid-19. A Health and Welfare LPA enables your attorneys to make decisions about where you live, your daily care, and your medical care.
Q: Can’t spouses and loved ones make these decisions automatically?
By appointing an LPA, you can decide who will act for you and how. Image: Getty Images
Not always. It depends who you are dealing with. Banks can freeze shared bank accounts if one party loses capacity. All accounts in the person’s sole name will be frozen. Some health and welfare decisions can be discussed with loved ones. However, they have no legal authority to be consulted or act on your behalf and problems can arise, meaning a nursing home is not required to discuss your care plan with your family.
Q: What if you don’t have an LPA set up?
Please don’t let it get to this point if you can change it. An application is made to the Tribunal to appoint a deputy under a deputyship order to administer your affairs. This is a very expensive and time consuming process and cannot ensure that decisions are made the way you would have liked. A job can cost thousands of pounds and take six to nine months to complete. Setting up an LPA is much easier, less hassle, and less expensive in comparison, and it allows you to decide who is acting for you and how.
For more visitors ellis-fermor.co.ukCall 01773 307365, email [email protected] or make an appointment at the Old Registry, 6 Derby Road, Belper, Derbyshire, DE56 1UU.
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